Borr Drilling Limited $BORR Stock Position Decreased by Pekin Hardy Strauss Inc.

Pekin Hardy Strauss Inc. reduced its holdings in shares of Borr Drilling Limited (NYSE:BORR) by 92.1% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 49,787 shares of the company’s stock after selling 579,750 shares during the period. Pekin Hardy Strauss Inc.’s holdings in Borr Drilling were worth $194,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in BORR. Wedbush Securities Inc. purchased a new stake in shares of Borr Drilling during the third quarter worth $805,000. Sterling Capital Management LLC grew its stake in Borr Drilling by 315.2% during the 3rd quarter. Sterling Capital Management LLC now owns 7,324 shares of the company’s stock worth $28,000 after purchasing an additional 5,560 shares in the last quarter. Vontobel Holding Ltd. grew its stake in Borr Drilling by 89.7% during the 3rd quarter. Vontobel Holding Ltd. now owns 444,000 shares of the company’s stock worth $1,727,000 after purchasing an additional 210,000 shares in the last quarter. State of Alaska Department of Revenue acquired a new position in Borr Drilling during the 3rd quarter worth $41,000. Finally, Fortitude Family Office LLC increased its holdings in Borr Drilling by 11,940.8% during the 3rd quarter. Fortitude Family Office LLC now owns 8,549 shares of the company’s stock worth $33,000 after purchasing an additional 8,478 shares during the period. 83.12% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

BORR has been the topic of a number of analyst reports. Wall Street Zen lowered Borr Drilling from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 8th. SEB Equity Research set a $3.55 price objective on Borr Drilling in a research note on Monday, August 17th. Weiss Ratings downgraded Borr Drilling from a “sell (d+)” rating to a “sell (d)” rating in a research report on Monday, October 26th. Finally, Zacks Research lowered shares of Borr Drilling from a “hold” rating to a “strong sell” rating in a research note on Tuesday, September 15th. Two analysts have rated the stock with a Strong Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Borr Drilling has a consensus rating of “Hold” and a consensus price target of $5.27.

Borr Drilling Trading Up 0.2%

Shares of Borr Drilling stock opened at $3.25 on Monday. The company has a current ratio of 2.53, a quick ratio of 2.53 and a debt-to-equity ratio of 2.58. The company has a fifty day simple moving average of $4.25 and a 200-day simple moving average of $4.85. The stock has a market cap of $1.02 billion, a price-to-earnings ratio of -4.16 and a beta of 1.02. Borr Drilling Limited has a 12-month low of $2.89 and a 12-month high of $6.66.

Borr Drilling (NYSE:BORR) last announced its quarterly earnings results on Wednesday, August 12th. The company reported ($0.79) EPS for the quarter, missing the consensus estimate of ($0.21) by ($0.58). Borr Drilling had a negative return on equity of 5.95% and a negative net margin of 23.98%. The company had revenue of $232.30 million for the quarter, compared to analyst estimates of $245.96 million. On average, equities analysts forecast that Borr Drilling Limited will post -0.51 EPS for the current fiscal year.

Insider Buying and Selling at Borr Drilling

In other news, Director Jeffrey Currie acquired 125,000 shares of the company’s stock in a transaction on Thursday, August 13th. The shares were bought at an average price of $4.01 per share, with a total value of $501,250.00. Following the completion of the acquisition, the director owned 479,423 shares in the company, valued at $1,922,486.23. This trade represents a 35.27% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Harvey Snowling acquired 300,000 shares of the company’s stock in a transaction on Wednesday, October 14th. The shares were purchased at an average cost of $4.91 per share, for a total transaction of $1,473,000.00. Following the acquisition, the chief operating officer owned 445,944 shares of the company’s stock, valued at approximately $2,189,585.04. The trade was a 205.56% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 7.90% of the company’s stock.

Borr Drilling Company Profile

Borr Drilling Limited (NYSE: BORR) is an offshore drilling contractor that provides well-drilling services to oil and gas exploration and production companies. The company primarily operates modern jack-up drilling rigs, which are designed to work in relatively shallow-water offshore environments.

Borr Drilling’s services include rig operations, well construction support and related offshore drilling activities. Its jack-up fleet is used for development drilling, exploration and workover projects, with contracts typically awarded by energy companies and other offshore operators.

Founded in 2016, Borr Drilling expanded through the acquisition of a large jack-up rig fleet from Transocean in 2017.